NV Energy and American Capital Energy Agree on Power Purchase Agreement for Solar PV from 20-MW DC Array in Southern Nevada

NV Energy, Inc. (NYSE: NVE) and American Capital Energy (ACE) today announced that they have entered into a long-term power purchase agreement (PPA) for the sale of energy produced from a 20-megawatt (MW) DC solar photovoltaic (PV) power plant that will be constructed near Searchlight, Nevada, 55 miles south of Las Vegas.

The project, expected to be completed by mid-2010, will be larger than the 14-MW photovoltaic facility completed in 2007 at Nellis Air Force Base. The Nellis plant, toured by President Obama on a recent visit to Las Vegas, is the largest PV facility currently operating in the United States.

"This is another major step in our commitment to bringing power from renewable resources to the citizens of Nevada,” said Michael Yackira, NV Energy president and CEO. "Our state is blessed with abundant solar, geothermal and wind resources, and expanding the use of these resources through power purchases of this kind or direct investment in renewable projects is one of our top priorities.”

Terms of the power purchase agreement, which is subject to approval by the Public Utilities Commission of Nevada, were not disclosed.

The agreement will assist NV Energy in meeting Nevada’s portfolio standard, which was recently increased by the state legislature. The standard now requires that 25% of energy be generated by renewable resources and energy efficiency and conservation programs by 2025.

The companies said all of the PV output from the plants will go to customers of NV Energy’s southern service territory. Construction of the project is expected to create more than 120 jobs and will further help develop Nevada’s burgeoning renewable energy workforce.

"American Capital Energy is excited about the Searchlight Solar I solar PV project. We are honored to have been selected to work with NV Energy to deliver clean, renewable solar energy to southern Nevada,” said Tom Hunton, CEO of American Capital Energy.

Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

Headquartered in Massachusetts, with offices across the country, American Capital Energy provides full-service project development and construction services for large-scale solar energy projects. ACE is committed to furthering the utilization of solar power by America’s most forward thinking companies by offering customized solar photovoltaic systems designed for reliable long-term performance.

These statements contain forward-looking statements regarding the future performance of Nevada Power Company d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, risks related to constructing and financing solar renewable energy projects, regulatory approval and permitting, and fluctuating PV output from the plants. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, are contained in the Annual Reports of NV Energy, Inc. and Nevada Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2008 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, filed with the SEC. NV Energy undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.